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Introduction to the IQL scheme

Watch Ben O'Rourke, Managing Director of the IQL, introduce the large property development in Stratford, UK.
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My name’s Ben O’Rouke, I’m the Managing Director of International Quarter London for Lendlease and London Continental Railways. International Quarter London is a project where Lendlease has been involved for about five years now. We got involved off the back of the Athletes’ Village, which was a project that we were the development manager and the project manager and the builder of. As it transpires, it’s now become one of the biggest urban regenerations in Europe. It’s certainly the biggest new office precinct in London. There’s more trains going through Stratford at peak hour than at Waterloo or Victoria, which is quite a remarkable statistic. It’s close to Kings Cross, it’s close to City airport, it’s very, very well-connected.
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There’s very, very strong infrastructure here in terms of services that were all put in place for the Olympics. The Queen Elizabeth Olympic Park and all the amenity that comes with that, the sporting venues, one of the biggest shopping complexes in Europe– there’s a lot going on here, so there’s a lot to offer. And when you look at that and you look at what we’re trying to do in terms of creating 25,000 jobs, four million square feet-plus of office, bringing in people to live and work and play in this environment, it’s a real opportunity, but it’s also an obligation.
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If we get it right for the tenant and we have people who want to come and want to bring their businesses, and want to bring their people here, then we create value. And the best thing about that value is it’s a result of those efforts rather than it being the sort of the driver that you’re trying to create. Value in the sense of place and experience and amenity is really important to lead. Value in terms of profits should be something that is a result of all that– all of that effort. In the next 18 months, we will open phase one, which will have full occupancy of all our residences. It will have TFL’s new headquarters.
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It will have the FCA’s new headquarters. It will have a plethora of restaurants, of cafes, of shops. It will have a public realm with an amenity that we’re looking to set at a whole new level for London. And it will set the project up for what follows. The east of London is a huge area of growth. There’s an enormous amount of expansion happening in this area. And if we do an incredible job with the International Quarter London, we will create– and we have– we’ll create an incredible place. We take it very, very seriously that what we have here as an opportunity for us, it’s also very, very important we leave a very productive and positive legacy into the future.

Over the next three weeks, you’ll explore a large property development, the International Quarter London and hear from industry experts working on this project. Before you learn more about the process behind this huge development, let’s look at the case study in more detail.

The International Quarter London, (IQL) based in Stratford, London, UK, is being developed by Lendlease, a property and infrastructure company originating from Australia. The IQL is part of Europe’s largest urban development project and is next to the Queen Elizabeth Olympic Park – the home of the 2012 Olympics.

Map to show the location of Stratford in East London

Map to show the location of Stratford within the Greater London area. Map taken from OpenMaps.

IQL site map shows location of buildings on the IQL development in relation to local amenities including stadium and parks.

IQL plot map. © Lendlease (Click to expand)

The IQL is a large scale building project that focuses on regeneration. In this example, regeneration is defined as:

  • improving the environment of a previously unused area
  • attracting private investment and
  • improving business confidence for further investment.

Watch Ben, the Managing Director of the IQL, discuss the role of property and how taking a carefully considered approach to developing a site can ‘create’ or ‘add’ value, by providing an attractive, healthy and sustainable environment for people to live, work and play in.

Location and supporting infrastructure The position of the site in relation to the wider urban area and the access to physical infrastructure (eg roads, public transport, energy supplies, broadband connections and water supply and drainage) and social infrastructure (eg schools, health facilities, leisure and community centres)
Interaction with stakeholders The relationship with other people and organisations who impact on or who are impacted by the property development process.
The significance of timing and use of a phased approach Any property development project takes time to conceive, design and build. The different tasks and stages need to be carefully coordinated in order to deliver the project effectively, efficiently and sustainably.
Implications of market dynamics Property demand and supply is always changing, often in a cyclical way. This will affect the financial viability of the development scheme when individual units are sold or rented. Developers have to manage the timing and costs of a project to get the best market values possible.
The role of property in place-making The type and quality of property affects how places function and what they look like. The quality of a place will ‘feedback’ and affect how much money people are prepared to pay to occupy property in that place.
Multiple definitions of value-creation Property development creates different types of value. Economic profits are obviously important to many, but others may also value architectural qualities, environmental benefits (and costs) and spaces that encourage a sense of community.

Glossary

Remember that there’s the A-Z glossary which includes definitions of key property-related words and phrases.

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